According to the research report titled ‘North America Recreational Boating Market Size By Product By Type, By Horsepower, By Engine Research Report, Regional Landscape (U.S. and Canada), Growth Prospects, Competitive Industry Share & Forecasts, 2020-2026’, available with Market Study Report, North America recreational market size is projected to expand at a CAGR of 5.5% over 2020-2026.
 

As per the report findings, increasing participation of the populace in water sports activities such as surfing, powerboating, and water skinning is stimulating North America recreational boating market growth. In fact, National Marine Manufacturers Association, as per the 2020 data, claimed that an average of over 12.4 million Canadian residents engaged in pleasure boating annually. Moreover, recreational boating contributes USD 5.6 billion to Canada's GDP with over USD 10 billion in revenues.
 

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Further, growing tourism industry in the U.S. and Canada, and favorable government investments are rendering a positive impact on North America recreational boating industry outlook. For instance, the Canadian government expended USD 11.4 billion on tourism in 2019, and increased investments in tourism sector by 56.4% in the third quarter of 2020.
 

Considering the Covid-19 impact on the industry, countries in the region are facing several economic consequences. With availability of skilled labor and raw materials in a steep decline, supply-demand shocks have plummeted the sales of recreational boats.
 

Based on type, North America recreational boating industry share from inflatables segment is expected to rise during the forecast period, creditable to escalating product demand for applications like rescue operations, diving excursions, and water sports. These boats are available in several variants models including inflatable rubber rafts, kayaks, lifeboats, and rescue boats. Benefits like low initial adoption cost and efficient operations will continue to encourage the product adoption in the upcoming years.
 

Top players in North America recreational boating market sphere are Yamaha Motor Corp., Pursuit Boats, The Rossiter Boat Company, Formula Boats (Porter, Inc.), Maverick Boat Co., Inc., Monterey Boats, The MasterCraft Boat Company, Malibu Boats, Marine Products Corp., Groupe Beneteau, Correct Craft, Grady-White Boats, Inc., Brunswick Corp., American Sail, Inc., and Bavaria Yachtbau. These companies are channeling their focus on new product launches to expand their product portfolio and gain a larger industry share.